Nigeria_Fixed Income Daily: Modest demand lingers in T-bills market
- Market commentary
§ Amidst relatively unchanged system liquidity, Interbank call rate rose 47bps to close at 10.97%. Meanwhile, the naira spot and one year forward rates remained unchanged at N305.25 and N349.00 respectively.
§With system liquidity still tepid, the T-bills market traded mildly bullish as yields declined 11bps on average. Notably, yields on the 49DTM (-198bps), 210DTM (-48bps), and the 56DTM (-42bps) bills fell to 11.65%, 19.64%, and 13.52% respectively. However, slightly bearish trading persisted in the Bond market with marginal yield advances observed across most maturities. Particularly, yields on the 15.00% FGN NOV 2028, 12.49% FGN MAY 2029, and 10.00% FGN JUL 2030 bonds advanced 2bps each to 16.52%, 16.47%, and 16.36% respectively.
§ Barring any liquidity mop up by the CBN, we expect the modest demand in the T-bills market to continue at week close.
Vetiva provides clients with independent and unbiased access to analysis and opinion. We keep our clients on the cutting edge of market information and provide up to date market intelligence on quoted companies. Our services allow brokers, investment firms, and asset managers focus their energies on developing investment strategies and client relationships.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.